Reference No. CB-050-2018    Draft No. 1
Type: Council Bill Status: Enacted
Meeting Body County Council
Meeting Date 7/24/2018
Introduced Date 7/2/2018 Public Hearing Date 7/24/2018 @ 10:00 a.m.
Effective date: 9/24/2018    
Title: AN ACT CONCERNING THE ISSUANCE AND SALE OF SPECIAL OBLIGATION BONDS FOR THE WESTPHALIA TOWN CENTER DEVELOPMENT DISTRICT AND WESTPHALIA TOWN CENTER SPECIAL TAXING DISTRICT for the purpose of amending and ratifying CB-108-2017 of the County Council of Prince George’s County, Maryland (the “Original Bond Ordinance”); providing that, upon the satisfaction of the conditions set forth therein and herein, special obligation bonds may be issued from time to time under the provisions of the Original Bond Ordinance and this Act, Sections 12-201 through 12-213 of the Economic Development Article of the Annotated Code of Maryland, as amended (the “Tax Increment Financing Act”), Section 10-269 of the Prince George’s County Code, as amended, and Sections 21-501 through 21-518 and Section 21-523 of the Local Government Article of the Annotated Code of Maryland, as amended (collectively with Section 10-269 of the Prince George’s County Code, the “Special Taxing District Act,” and together with the Ta...
Proposers/Sponsors: County Executive, Dannielle M. Glaros, Derrick Leon Davis, Todd M. Turner, Mel Franklin, Deni L. Taveras
Attachments: 1. B2018050, 2. CB-50-2018 Exhibit A, 3. CB-50-2018 AIS, 4. CB-50-2018 Report, 5. CB-50-2018 Transmittal
Contact: Bond Counsel and the Office of Law

Title

AN ACT CONCERNING THE ISSUANCE AND SALE OF SPECIAL OBLIGATION BONDS FOR THE WESTPHALIA TOWN CENTER DEVELOPMENT DISTRICT AND WESTPHALIA TOWN CENTER

SPECIAL TAXING DISTRICT for the purpose of amending and ratifying CB-108-2017 of the County Council of Prince George’s County, Maryland (the “Original Bond Ordinance”); providing that, upon the satisfaction of the conditions set forth therein and herein, special obligation bonds may be issued from time to time under the provisions of the Original Bond Ordinance and this Act, Sections 12-201 through 12-213 of the Economic Development Article of the Annotated Code of Maryland, as amended (the “Tax Increment Financing Act”), Section 10-269 of the Prince George’s County Code, as amended, and Sections 21-501 through 21-518 and Section 21-523 of the Local Government Article of the Annotated Code of Maryland, as amended (collectively with Section 10-269 of the Prince George’s County Code, the “Special Taxing District Act,” and together with the Tax Increment Financing Act, the “Acts”), CR-76-2016 of the County Council of Prince George’s County, Maryland (the “Special Taxing District Formation Resolution”) and CR-77-2016 of the County Council of Prince George’s County, Maryland (the “Development District Formation Resolution” and together with the Special Taxing District Formation Resolution, the “Formation Resolutions”) in an amount not to exceed the aggregate principal amount of Forty-Two Million Dollars ($42,000,000), in order for the County to finance or reimburse, in accordance with the Acts, costs related to the construction and installation of certain of the public infrastructure improvements to support certain residential, retail, commercial (including warehouse, distribution facilities and direct to market retail) and office facility development in the “Westphalia Town Center Development District” created pursuant to the Development District Formation Resolution (the “Development District”) and in the “Westphalia Town Center Special Taxing District” created pursuant to the Special Taxing District Formation Resolution (the “Special Taxing District,” and together with the Development District, the “Districts”) by Walton Development & Management (USA), Inc. (or one of its affiliates or subsidiaries) (the “Developer”).

 

Background

This bill amends the Rate and Method of Apportionment (RMA) of Special Taxes in CB-108-2017 for the Westphalia Town Center Development District and Westphalia Town Center Special Taxing District.  The change provides flexibility under the RMA to potentially construct additional facilities within the District that were not contemplated by the Original RMA under CB-108-2017.  There are no other changes to the original terms and conditions adopted under CB-108-2017.



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